The condition of your estate in South Carolina after you pass will depend on several factors. One of them will be whether or not you are in debt. If you are, your estate may be subjected to a probate sale. This process entails the sale of assets to satisfy your creditors.
What assets can be sold at a probate sale?
Assets that can be handled at a probate sale may include the following:
- Bank accounts
- Investment accounts
- Business interests
What does the process involve?
A probate sale in South Carolina occurs when the court steps in to sell certain of your assets. This is usually conducted on an “as is” basis. For example, if your home is part of a probate sale, the buyer will be expected to make any needed repairs.
The process of a probate sale can be quite complex and time-consuming. This will be all the truer if no will has been finalized.
The major advantage for buyers is that they will likely come upon prices that are usually well below market value. This allows the assets to be sold off quickly so that your obligations to your creditors can be met.
What happens after a probate sale?
The end of a probate sale occurs when all of your applicable assets have been sold off to meet the demands of your creditors. Once this has occurred, the remainder can be distributed to your heirs. If you do not have a will, these assets will still have to pass through probate.